Professor G invests $4,000 into an account that guarantees 4.2% interest (compounded annually) for 6 years....
Professor G invests $4,000 into an account that guarantees 4.2% interest (compounded annually) for 6 years. How much will he have after the 6 year time period?
Homework Answers
future value of a single amount = amount invested*(1+r)^n
here,
amount invested = 4000
r = 4.2%
=>0.042.
number of periods =6.
=>4000*(1.042)^6.
=>$5,119.96....(if rounded to two decimals).....or $5,120....(if rounded to nearest whole number).
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